UK’s Jensten to Invest Up to £1M to Help Individuals Launch Their Own Brokerages

Jensten Group, the London-based independent insurance broking group, announced it will invest up to £1 million (US$1.3 million) this year to help 15 individuals start their own independent brokerages.

The investments will be made through Coversure, the group’s network for independent brokers, and will enable experienced insurance professionals to initially start their own business, without the need for startup capital, as appointed representatives (AR).

The move, which creates a new entry route to the Coversure franchise network, will develop a fresh pipeline of insurance broking talent that will eventually be able to progress on to running their own independent brokerages.

The initiative is aimed at brokers with around 10-years’ experience, that feel ready to make the leap to set up their own brokerage, but do not have access to the upfront capital required to step away from an employed role to develop their own business venture.

Under the terms of the three-year AR commitment to Coversure, brokers accepted onto the incubation scheme will have all their set up costs for the first six months of trading fully covered – including IT services, professional indemnity cover, tools, support, coaching, training, and with zero return to Coversure for any business written in that period.

Crucially, the start-up funding is not a loan, and the AR will be expected to be self-funding after the initial six months with a view to eventually becoming a fully-fledged, regulated broker within the existing 90-strong Coversure franchise operation.

“A common challenge for insurance professionals looking to launch their own insurance brokerage can be the start-up requirements,” commented Rob Palmer, franchise director, Coversure.

“We believe that there is a cohort of extremely talented individuals out there in the market who are currently in employed roles who have the ability to not just run a portfolio themselves but to build a sizeable business and we’d love to help them to make that move,” Palmer said.

“To help support these ambitious individuals we have developed an efficient and affordable new entry route into our Coversure network ensuring that individuals with high capability but potentially limited capital to invest personally can begin the journey of building their own brokerage,” he added.

“We are seeking to build long-term relationships with ambitious future business owners who have the skills and motivation to establish significant broking businesses which in turn create real financial value for the people who partner with Coversure.”

About Coversure

Coversure, Jensten’s broker network business, uses an insurance franchise model, with more than 90 offices throughout the UK. Primarily focussed on servicing local SMEs and property owners, the business arranges insurance solutions for more than 100,000 clients.

Source: Jensten Group

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